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Frequently Asked Questions
| Q : |
What's happening with AMT?
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| A : |
2007 Tax Increase Prevention Act: AMT Relief Extended
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| Q : |
What are the federal minimum wage increases?
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| A : |
The Fair Labor Standards Act increases the federal minimum wage in 3 steps to:
-- July 24, 2007 $5.85 per hour
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| Q : |
What are the new standard mileage rates for 2008?
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| A : |
The IRS recently released the 2008 optional standard mileage rates:
Business Mileage Rate = 50.5 cents per mile (up from 48.5 cents in 2007) Medical and Moving Mileage Rate = 19 cents per mile (down from 20 cents in 2007) Charitable Mileage Rate = 14 cents per mile (same as in 2007)
**update** New rates as of July 1, 2008 to Dec 31,2008 Business Mileage Rate = 58.5 cents per mile Medical and Moving Mileage Rate = 27 cents per mile Charitable Mileage Rate = 14 cents per mile
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| Q : |
How do I compute Auto Fringe for employees use of a company owned vehicle?
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| A : | Click here for our form which you can return to our office for calculation. |
| Q : |
How can I find the status of my federal tax refund?
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| A : | The IRS allows a tax payer to find out
the status of his/her federal return on the internet by clicking on
the below link, please make sure to have your social security
number, filing status, and refund amount on hand to enter.
Where's my federal tax refund? You can also find out information on your state tax refund by clicking on this link: |
| Q : |
I am thinking about e-filing my tax return in 2006, instead of mailing it. I am mainly concerned about the safety of my personal information and the advantages of e-filing my return?
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| A : | E-filing your return is actually
safer than sending your tax return through the mail. There is a
fee to e-file, however e-filing is more secure and allows you to
receive your refund quicker. Sometimes as little as two
weeks is needed in order for you to receive your federal refund.
State refunds vary by state and are also around that same time
frame in receiving refunds.
Larry E. Nunn & Associates is an authorized e-filer and can file your individual and business tax returns electronically. Click on the logo below to read more about e-filing. |
